Amendment status not verified — confirm the current text below against the official source.
Time limit of repayment of money borrowed under Section 297.— The time limit for the repayment of any money borrowed under section 297 shall in no case exceed sixty years, and the time limit for the repayment of any money borrowed for the purpose of discharging any previous loan shall not, except with the express sanction of the Government, extend beyond unexpired portion of the period for which such previous loan was sanctioned. 75[299. Limitation on borrowing power.— (1) Notwithstanding anything contained in the forgoing provisions the borrowing powers of a Municipality shall be as prescribed, in relation to the total annual receipts of that Municipality. Provided that nothing contained in this section shall prevent the issuance of Revenue Bonds by the Municipality, secured by pledge of the revenue stream from the project and strengthened on the basis of escrow account or credit enhancement conditions: Provided further that the short fall in the escrow account would be made good from the grants due from Government intimation by the trustees.]